Some guy on twitter is not "the industry".

patio11 is not "some guy".

Sure, but he isn't the entire industry, either.

We are all some guy

He has cred, but I also felt that this was from someone outside the finance industry because we have seen this all before.

After the FX scandals with the 'Cartel' chatroom, the libor scandals, we've seen compliance digging through all your Bloomberg chats and mails to find just about anything that sounds dodgy.

Crypto is new to this game, the other players have seen it before.

I'm guessing the issue is that ot shows intent. Not sure if that matters for civil liability, but IIUC it can matter in criminal law.

“Don’t do crimes” is presumably already part of the training? This episode will stand forever as evidence that, regardless of whether you’re doing anything wrong, writing down an sentence that nakedly says your are is a Bad Idea. If you’re in the wrong, defending yourself just got a lot harder. If you weren’t actually in the wrong now you’ve created something you’ll have to defend yourself from.

The question is whether the problem for your higher ups is you doing crimes or you getting caught doing crimes.

Just as in safety culture, train all you will — if the lived culture is "rules are for losers" and people who follow them have it harder guess what is going to happen?

Higher ups?

The primate AI is hallucinating after decades of prompt injections.

What obligation do we have to coddle “higher ups” figurative identity?

You are aware that my text is drenching with sarcasm aren't you?

Ultimately business systems operate in a purely consequentialist matter: getting caught only matters because the punishment is bad for the stock price, and avoiding doing crimes is the only 99% reliable procedure for avoiding getting caught.

There is a complicated limbo with things like LIBOR, where practice drifted into quietly rigging the number, first in phone calls and then chat channels, and everybody involved kind of forgot it might not be percieved as legal once the outside world realised what happened. https://www.investopedia.com/terms/l/libor-scandal.asp

Agreed. See Wells Fargo for a real life example although in that case the higher ups made them do crime and then just fired them to scape goat.

Nice thing is that once you are in the club like the banks the worst that happens is a small fine. Crypto hasn't donated to enough politicians yet so they are actually targeted for real punishment at the behest of the enforcement arm of the big banks, the SEC

patio11 has been calling out crypto fraud for a long time. You’re not noticing anything; you’re extrapolating incorrectly.

I think you're missing the intent of the quote here entirely. It isn't complaining nor does one tweet mean it is the focus of an entire industry.

I'm honestly curious how people jump to such conclusions

It's been said that a cultural artifact of the pandemic era was "oversharing". People just being incredibly candid and loose with their personal feelings. And it's just bonkers how that has played out in the legal arena. I'm thinking in particular of the Dominion lawsuit against Fox where they just had all those texts admitting in completely uncoded direct language that they were lying on purpose.

I would ascribe that to a slightly different phenomena: Trump-era impunity. That was the point that people started doing all kinds of things that were previously Not Done and getting away with them.

Fox could have carried on lying forever if they'd remembered not to libel a business, only individuals and minority groups.

Patrick has consistently been highly critical of the entire cryptocurrency industry for shady practices over many years. His condemnation for their breaches in this case is a given.